Question

meaning of bank reconciliation statement

Answer 1

bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activity impacting a bank account for a specific period. A bank reconciliation statement is a useful financial internal control tool used to thwart fraud

Answer 2

ANSWER

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BUSINESS ACTIVITY THAT RECONCILES AN ENTITY’S BANK ACCOUNT WITH ITS FINANCIAL RECORDS. THE STATEMENT OUTLINES THE DEPOSITS, WITHDRAWALS, AND OTHER ACTIVITY IMPACTING A BANK ACCOUNT FOR A SPECIFIC PERIOD. A BANK RECONCILIATION STATEMENT IS A USEFUL FINANCIAL INTERNAL CONTROL TOOL USED TO THEM.